Use the following table to represent spot rates. Calculate the total future value at time 5 of a payment of $3000 made today and a payment of $3000 made at time 3. Assume that the payment at time 3 will be invested at todays forward rates.

Term(years) Annual yield

1 6.00%

2 6.10%

3 6.40%

4 6.8%

5 7.50%